MNI China Press Digest July 2: PBOC, FDI, Land Revenue

MNI: PBOC Net Drains CNY298 Bln Via OMO Tues; Rates Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS TUES

MNI: PBOC Sets Yuan Parity Higher At 7.1291 Tues; -0.09% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1291 TUES VS 7.1265

MNI China Daily Summary: Monday, July 1

June CPI Below Market Expectations, Headline Y/Y At 2.4%

MNI: UK JUN BRC SHOP PRICES -0.2% M/M, +0.2% Y/Y

Multivariate Core Trend Inflation Falls To Post-2020 Low

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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At Session Cheaps Ahead Of Fed Chair Powell’s JH Speech

AUSSIE BONDS

ACGBs (YM -5.0 & XM -5.5) are weaker and near Sydney session lows. With the domestic data docket empty today, local participants have likely been on headlines and US tsys watch ahead of Fed Chair Powell's speech this evening (1505 BST / 0005 AEST) at the Jackson Hole Symposium.

  • Aussie 10-year futures are trading above recent lows. Nonetheless, the break of support at 95.685, the Jul 10 low would reinforce a bearish theme, according to MNI’s technicals team.
  • US tsys are sitting little changed in Asia-Pac trade. The ranges have been relatively narrow, with the proximity to Fed Chair Powell's speech today a limiting factor.
  • Cash ACGBs are 4-5bp cheaper with the AU-US 10-year yield differential -1bp at -8bp.
  • Swap rates are 5bp higher.
  • The bills strip has bear-steepened, with pricing -1 to -8.
  • RBA-dated OIS pricing is 2-6bp firmer for '24 meetings. A 6% chance of a 25bp hike is priced for September.
  • Next week, the local calendar sees Retail Sales for July on Monday, ahead of RBA Governor Elect Bullock’s speech on Tuesday. On Wednesday, the CPI Monthly for July is on tap, with Construction Work Done (Q2), Building Approvals (Jul) and Private Sector Credit (Jul).
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